Stamps.com Rises 10.3% on Job Cuts Following Resignations - TheStreet

Internet shipping and postage company

Stamps.com

(STMP) - Get Report

was up 10.3% in midmorning after announcing that it would cut 240 full- and part-time employees, or 40% of the workforce, in a bid to lower costs.

The move comes two weeks after the resignation of the company's CEO and a director.